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Where currency conversion is provided as part of a payment transaction, the Payment
Services Regulations 2017 make requirements on UK payment service providers regarding
disclosure of fees and charges to the payer, for example, the exchange rate used for
a currency conversion transaction. Provisions under the Cross Border Payments Regulation,
which continue to apply in the UK as part of retained EU law, also contribute to price
transparency, with further requirements regarding how foreign exchange costs are communicated
before a payment is made. The Government has no plans at this time to amend the requirements
on firms, but keeps all policy under review.<p><strong> </strong></p>The Government
recognises the importance of transparency of fees and charges in ensuring effective
competition between payment service providers. These regulations, amongst other things,
are intended to enable consumers to make informed decisions when making use of payment
services including where currency conversion is offered as part of a payment transaction.
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